14MB - Pirelli

EXTRAORDINARY SESSION CONSOLIDATED FINANCIAL STATEMENT SUSTAINABILITY REPORT DIRECTORS' REPORT PRELIMINARY INFORMATION
Pirelli Tyre
The consolidated economic and financial results for 2008 compared
to 2007 are as follows:
(in millions of euro)
46 PIRELLI & C. S.p.A. MILAN
12/31/2008 12/31/2007
Net sales 4,100.2 4,161.7
Gross operating profit before restructuring expenses 441.2 548.6
- % on net sales 10.8% 13.2%
Operating profit before restructuring expenses 250.7 358.1
- % on net sales 6.1% 8.6%
Restructuring expenses (100.0) -
Operating profit 150.7 358.1
- % on net sales 3.7% 8.6%
Earnings from investments 27.8 1.5
Operating profit including earnings from investments 178.5 359.6
Financial income (expenses) (82.8) (55.2)
Income taxes (70.1) (93.9)
Income 25.6 210.5
- % on net sales 0.6% 5.1%
Net financial (liquidity)/debt position 1,266.8 559.6
Capital expenditures 285 262
R&D expenses 145 148
Headcount (number at year-end) 28,601 27,224
Factories (number) 23 24
NET SALES
Net sales amount to Euros 4,100 million, with a reduction of 1.5
percent compared to the prior year. Instead, the organic change is
a growth in net sales of 1.3 percent, with volumes down (-6 percent)
particularly in the last quarter (-19 percent). The price/mix shows
a positive change (+7.3 percent), thanks primarily to the contin-